Ch. 1 MKTG

customer relationship management (CRM)
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
customers
The purchasers of organizations’ products; the focal point of all marketing activities
exchanges
The provision or transfer of goods, services, or ideas in return for something of value
green marketing
A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment
market orientation
An organizationwide commitment to researching and responding to customer needs
marketing
The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
marketing concept
A managerial philosophy that an organization should try to satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals
marketing environment
The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix
marketing management
The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
marketing mix
Four marketing activities: product, pricing, distribution, and promotion—that a firm can control to meet the needs of customers within its target market
product
A good, a service, or an idea
relationship marketing
Establishing long-term, mutually satisfying buyer seller relationships
stakeholders
Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes
target market
A specific group of customers on whom an organization focuses its marketing efforts
value
A customer’s subjective assessment of benefits relative to costs in determining the worth of a product